IBT Staff Reporter

Citigroup Inc on Thursday sought to dismiss an effort by Lehman Brothers to recover $1 billion in collateral that the investment bank was forced to post when it was teetering on bankruptcy in the fall of 2008.

Two oil traders and their trading firms, already facing regulatory charges of alleged manipulation in the market for crude oil futures, were sued Thursday by a derivatives trader who claims he was harmed by their activities.

Microsoft Corp's board stood behind Chief Executive Officer Steve Ballmer on Thursday, defending its longtime leader after influential hedge fund manager David Einhorn touched off a debate by calling for his dismissal.

Sony admitted today that the names, e-mail, and passwords of Sony Ericsson Canada website users has been stolen by the hackers.

Ryan Hamil, a three year-old boy missing in Oklahoma since Tuesday after a tornado ripped him and his brother from their mothers' side, was found dead Thursday as his father expressed deep anguish amid a large loss of life across the MidWest due to numerous tornadoes in recent weeks.

Analog chipmaker Skyworks Solutions has agreed to buy smaller rival Advanced Analogic Technologies for a deal valued at $258.6 million in cash and stock.

The devastating injury of San Francisco Giants catcher Buster Posey is a huge blow to the Giants' starting lineup. Posey, the reigning NL Rookie of the Year, was the Giants cleanup hitter and will be difficult to replace.

After Miami's 101-93 OT win last night, the Heat have wrestled control of the series by taking a 3-1 lead before heading back to Chicago. Derrick Rose missed a potential game winning shot as time expired in regular time.

New American Idol champion Scotty McCreery hit No.1 on the iTunes single charts on Thursday, as Fox television reported a 21 percent surge in viewers for the all country music finale of the long-running singing contest.

2011 NBA Playoff Prediction Sees The Miami Heat Finishing Off the Chicago Bulls in Game 5 of the Eastern Conference Finals.

The Federal Reserve's balance sheet expanded to a record size in the latest week, as the central bank bought more bonds in an effort to support the economy, Fed data released on Thursday showed.

Lockheed Martin Corp, the Pentagon's No. 1 supplier, is experiencing a major disruption to its computer systems that could be related to a problem with network security, two sources familiar with the issue said on Thursday.

Shares of Freescale Semiconductor Holdings rose in their stock market debut on Thursday, but the value of the chipmaker remains far below the price that buyout firms paid for it at the height of the last credit boom.

Members of the House Judiciary Committee said they were skeptical that AT&T's planned acquisition of T-Mobile would benefit consumers, and that they feared it would mean higher prices for wireless service.

Mean Girls star Lindsay Lohan, who was previously sentenced to 120 days in jail and 480 hours of community service for stealing a $2,500 jewelry from a swanky jeweler, has been put under house arrest.

Lance Armstrong, the seven time winner of the Tour de France, recently hired two new lawyers to join his high-powered defense team, which already includes prominent lawyers Mark Fabiani and Bryan Daly. Armstrong is in the midst of a federal doping investigation.

Radio host Laura Ingraham responded on her Facebook page on Wednesday after fellow talk show host Ed Schultzmade controversial comments calling her a derogatory name during his radio program on Monday.

Google introduced its NFC contactless payment platform, Google Wallet at an event in NYC. Here's a look at some of the photos of the event.

The evidence from China, for example, suggests that while higher rates certainly have the potential to dent gold demand, far more important drivers are inflation and growth. China's experience may not be typical, but it's certainly worth examining. China is the world's second biggest gold market after India.

Sharlotte Hydorn opened the door Wednesday morning to her surprise to find federal agents carrying a warrant. They then began seizing boxes of suicide kits from her home.

Cirque du Soleil's grand acrobatic show, 'Zarkana,' will debut at Radio City Music Hall, New York, on June 29.

An orbiting NASA observatory has picked up signs that several stars exploded as supernovas in the last few million years, and more are coming.

When Scotty McCreery was crowed the winner of American Idol season 10, there was one person obviously missing from the stage: Lee DeWyze.

Wednesday night's finale of American Idol was a star studded affair. A number of today's hottest artists took the stage at the Nokia Theatre in Los Angeles to perform with the contestants of American Idol.

Researchers create the most comprehensive map of the universe ever created.

The green technology industry was warned on Thursday that its growth is threatened by a failure to recycle metals and especially rare earth elements.

Lawmakers from both sides of the aisle expressed skepticism on Thursday that AT&T's proposed buy of T-Mobile USA would lead to the consumer benefits that the wireless company has promised.

The long-awaited debut of Google Wallet was finally announced today, marking a watershed moment for mobile payments. But there is much more cutting-edge functions to expect, when it comes to the mobile world.

Electrons are almost perfect spheres, and the fact that they are could help answer questions such as why antimatter is rare.